Credit Suisse Continues Operating Without Interruption In Singapore

The Monetary Authority of Singapore (MAS) said today that Credit Suisse Group AG (CS) will continue operating in Singapore with no interruptions or restrictions, following the announced takeover by UBS Group AG (UBS). Customers of CS will continue to have full access to their accounts and CS’ contracts with counterparties remain in force. The takeover is not expected to have an impact on the stability of Singapore’s banking system.

2. MAS has been in close touch with the Swiss Financial Market Supervisory Authority (FINMA) [1]  and was briefed by FINMA earlier today on the details of the takeover. FINMA issued a statement on 19 March 2023, announcing the takeover and the supportive measures taken by the Swiss Confederation and the Swiss National Bank (SNB) [2] . This includes additional liquidity assistance provided by SNB to ensure that CS and UBS can continue to meet all obligations throughout the transaction period. These measures are aimed at ensuring stability for CS’ customers, the Swiss financial centre, and international financial markets.

3. CS and UBS' primary activities in Singapore are private banking and investment banking. The two banks do not serve retail customers. Besides banking activities, CS also conducts financial services under other licensed entities in Singapore [3] . For the time being, these CS entities will continue operating under their respective licences. MAS will remain in close contact with FINMA, CS and UBS as the takeover is executed, to facilitate an orderly transition, including addressing any impact on employment.

4. MAS will continue to closely monitor the domestic financial system and international developments, and stands ready to provide liquidity through its suite of facilities to ensure that Singapore’s financial system remains stable and financial markets continue to function in an orderly manner.